Even the iconic The Economist magazine is joining the LegalTech space!
In an issue from last week, The Economist published this article, about how it created its own AI tool known as “SCOTUSbot” to help predict the outcomes of upcoming US Supreme Court cases.
While we’ll be sure to monitor how well SCOTUSbot does, it demonstrates the potential for AI predictive analytics in the legal industry.
Accurate AI tools which can predict the potential legal outcomes of legal cases can be useful to lawyers when advising their clients on key litigation decisions.
For example, these tools may help clients make a more informed decision as to whether they should initiate a lawsuit or whether they should settle a matter.
Since I spend a good deal of time negotiating contracts with third parties, I’d be interested in an AI tool that measures the potential business and legal risks associated with agreeing to certain “non-standard” contract provisions so that I can help my clients engage in smarter risk-taking.
What’s your thoughts about AI predictive analytics tools in the legal industry and which are the best use cases for such tools?